. ICE issued a notice today (here) that it will support a manual order indicator in order messages at Tag 1028. The Tag will be effectuated as of February 19. This is not a field that is mandatory for inclusion in the order but the notice does state:
"The initial usage of this tag is not mandatory but will be required by the Exchange at a later date. "
There is also an FAQ available from ICE here. This will be an important peice of information to discuss with your IT departments to make sure that this is populated properly when you adopt it.
A couple initial points from the FAQ that will help companies:
"Individuals submitting orders via WebICE and ICE Mobile will not have the ability to provide the manual order indicator (Tag 1028). Those orders will automatically be populated as “Y” in Tag 1028. "
"All orders entered by FIX Clients without Tag 1028 populated after the effective compliance date will not be rejected from the trading system but may be subject to regulatory review and enforcement in accordance with this FAQ and Exchange rules"
And the definition of a manual trade could be considered a little narrow:
"Generally, a manual order is one that is submitted to ICE’s ETS by an individual “button pusher” (e.g., mouse, keyboard, touchscreen), whose terms are not modified by an algorithm after submission and are submitted to the ETS without delay. "
The FAQ clarifies that auto-spreader or hitting send on a system that then "employs functionality that controls the submission of the order(s) to ICE’s ETS+ means the trade is an automated, not manual trade.
You should review with you compliance office or consultants as to what this means for messages in your trading. If you use CME Globex, you should already have gone through this excercise to make sure your manual/automated trade tag is correct on your orders.